TVA Pays 2013 'Taxes' to Local Governments
The Tennessee Valley Authority provided $547 million in tax equivalent payments in fiscal year 2013 to states and local governments where it sells electricity or has power properties.
TVA pays tax equivalent payments annually in the eight states where it sells electricity or owns generating plants, transmission lines, substations and other assets, and directly to 146 local governments where TVA owns power facilities.
“These funds provided by TVA play a significant role in supporting economic development, public services and quality of life for communities across the TVA region,” said TVA President and CEO Bill Johnson. “The payments are an important part of TVA’s mission to serve the 9 million residents of the Tennessee Valley.”
The TVA board of directors at its Nov. 14 meeting in Oxford, Miss., approved the final tax equivalent payment for fiscal year 2013. This year’s payments were $32 million less than the record $579 million distributed in 2012.
The following payments were made to each state in fiscal year 2013:
• Alabama - $110,905,168
• Georgia - $8,375,366
• Illinois - $492,669
• Kentucky - $46,967,736
• Mississippi - $38,701,853
• North Carolina - $3,010,751
• Tennessee - $337,696,930
• Virginia - $1,259,042
• Total - $547,409,515
The TVA board also approved estimated tax equivalent payments of $522,411,306 for fiscal year 2014, which began Oct. 1. The lower estimate reflects a continuing trend of lower sales and lower revenues due to a slow economy and other factors.
TVA returns 5 percent of power sales revenues from the previous year in the form of tax equivalent payments. The funds are distributed in monthly payments, with final payments approved at the end of each fiscal year.
The payments compensate state and local governments that cannot levy property or sales taxes on TVA as a federal entity, and make TVA one of the largest “taxpayers” in Tennessee and Alabama. In addition to the seven states and many counties in the Tennessee Valley region, the state of Illinois and two of its counties receive payments for coal reserves TVA owns there.
State and local governments distribute the funds according to their own formulas and discretion to support a variety of initiatives, including schools, fire departments and other emergency response agencies, tourism and recreation, and human service organizations.
Since 1941, TVA has made $10.9 billion in tax equivalent payments to state and local entities, with payments in the past 10 years totaling $4.6 billion.
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Last Update on September 03, 2015 07:35 GMT
ECONOMY-THE DAY AHEAD
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The Institute for Supply Management, a trade group of purchasing managers, will also issue its index of non-manufacturing activity for August. And Freddie Mac will release weekly mortgage rates.
WASHINGTON (AP) -- The International Monetary Fund says China's slowdown, volatile financial markets and tumbling raw-materials prices have raised the risks to economic growth around the world.
In an assessment of global threats published as finance ministers and central bankers meet this week in Turkey, the IMF is urging wealthy countries to continue easy money policies and "growth friendly" tax and spending programs.
It says some emerging-market countries should let their currencies fall substantially to support exporters and economic growth, adding that they should also enact reforms to make their economies more efficient.
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The 100-car trains are loaded with crude oil from the Upper Midwest and rumble past schools, homes and businesses.
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The mile-long trains from North Dakota carry around 3 million gallons of crude. Federal officials say a severe accident in a city could kill more than 200 people and cause $6 billion in damage.
The trains have become a common sight in places like Philadelphia, Chicago and Seattle.
DETROIT (AP) -- Tesla Motors says it will unveil its lower-cost Model 3 electric car in March and will start taking orders then.
In a tweet Wednesday, Tesla CEO Elon Musk says the car will start at $35,000, or about half the starting price of its current Model S sedan. Musk said the Model 3 will start production in about two years.
Musk also said deliveries of the Model X SUV -- the company's third vehicle -- will begin Sept. 29. Tesla wouldn't reveal pricing details.
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LOS ANGELES (AP) -- Lawyers for former Sony Pictures Entertainment employees whose data was breached last year say they have tentatively reached a settlement with the company.
Wednesday's filing in a proposed class-action lawsuit does not detail settlement terms or how many current and former Sony employees would be covered by the settlement.
Plaintiffs' attorney Daniel Girard wrote that he and fellow lawyers believe the settlement is favorable to employees whose personal, financial and medical information was posted online.
Additional details about the settlement are expected to be filed in a Los Angeles federal court by mid-October.
At least 10 former Sony employees sued the company over the breach, seeking class-action status for the nearly 50,000 people whose data was stolen and posted online by hackers.
Sony declined comment on the proposed settlement.
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